ICBC has sent out 17% of insurance rebates for high gas prices

Jun 10 2022, 6:27 pm

Nearly one-in-five British Columbians entitled to an insurance rebate for high gas prices should have received theirs by now, the Insurance Corporation of British Columbia tells Daily Hive.

As of June 9, ICBC had sent out all 25,000 rebates to customers who signed up for direct deposit and 573,000 rebates to all customers who paid by credit card.

That works out to 17% of the total 3.5 million rebates the insurance administrator plans to send out.

Customers who paid by debit, cheque, or payment plan will start to receive cheques in the mail next week. Some customers who paid by credit card will also get a cheque if their card expired or there’s another technical issue.

ICBC is once again warning customers not to reply to any scam messages they get by phone or email — that’s not how the rebate will be administered.

The rebates give $110 to the primary driver of every insured vehicle in the province and they’re a response to record-breaking gas prices the province has seen this spring after Russia invaded Ukraine.

The invasion resulted in many countries sanctioning Russian oil and gas products, and as a result, there’s more demand for US oil and gas products — and BC relies on US imports to fulfill much of its gasoline demand.

On the weekend, gas prices hit $2.369 at some stations in the region. Analysts say the prices aren’t expected to come down significantly any time soon.

 

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